Online Courses

This course provides the financial management essentials of the construction business to project leaders and non-financial managers to enable them to track and interpret the financials throughout the life cycle of a construction project. The content covers detailed elements for financial tracking, monitoring, communicating and adjusting as the construction project evolves while carefully balancing budget and forecasting financials. The objective of this course is to provide non-financial construction managers with a solid understanding of the essential financial aspects of managing any project in order to ensure its successful conclusion.

Learning Objectives
After completing this course, you will be able to:

• Understand the risks that need managing for the steps of the project life cycle
• Apply the recommendations for managing contract billing for positive outcomes
• Integrate job cost systems to capture and project costs to align with the budget
• Employ recommendations for successful change order management to maintain construction project profitability
• Implement the steps of project forecasting and managing a project forecast meeting
• Calculate percent complete and earned revenue
• Describe the purposes and components of financial statements and implement rules that apply to each statement
• Identify the interested parties of financial statement information

Who should take this course?
This course is designed for new Construction Finance Managers, Construction Project Managers, Project Accountants and leaders of construction firms who are non-financial managers.

Sessions Included:

Financial Management Essentials for the Non-Financial Manager - Day 1 (Dec 02, 2020 03:00 PM)

Financial Management Essentials for the Non-Financial Manager - Day 2 (Dec 03, 2020 03:00 PM)

The success of a construction project results from the contributions and strength of the entire team -- including the financial manager. It requires open communication, understanding and collaboration. Managing, tracking and forecasting the financial results on a construction project require understanding each phase of the project.

This new two-part program teaches construction financial professionals the language of construction project management, how the information available relates to each phase of the project, and provides an expert’s insight on what can go wrong. This course will take you on a journey through a sample job and map it through every project phase including making adjustments and alignment of financials/data, and how to best collaborate with the project manager to deliver the most profitable results.

Learning Objectives
After completing this course you will be able to:

• Understand the structure and activities required for successful project management.
• Gain an overview of the project management steps and the importance of collaboration with the other construction project stakeholders.
• Identify potential project risks at all stages of the process.
• Describe all aspects of the Contract Life Cycle including all facets of project bid, acquisition, contract initiation, construction and completion, including both operational and financial aspects.
• Identify opportunities to improve communication to enhance project performance and safety.
• Implement lessons learned, and incorporate proven principles and best practices for successful project management.

Who should take this course?
Financial managers and other professionals who work with construction projects and/or interface with project managers, operations, risk/insurance, and legal departments. It is also ideal for those individuals who may have managed financials for non-construction related industries and may also include surety, banking and insurance professionals. 

Sessions Included:

Project Management Fundamentals - Day 1 (May 22, 2019 03:00 PM)

Project Management Fundamentals - Day 2 (May 23, 2019 03:00 PM)

This four-hour intensive course will provide an advanced view of the Work in Progress schedule. Your WIP is more than a reporting tool. It is a financial management tool for your construction company. From this workshop, you will gain strategies to turn unexpected profit fade and enhancements into predictable events.

Learning Objectives
After completing this course, you will be able to:

• Explain how your Work in Progress schedule (WIP) is more than just a reporting tool
• Discuss how different contract types are managed on your WIP
• Show how to account for self-performed work
• Discuss change orders and purchase orders and how they impact gross profit and revenue
• Describe the role of the formal cost review process in the outcome of the WIP
• Discuss WIP analysis techniques, tips and tricks
• Identify the impact of profit fade and fee enhancements

Who should take this course?
This program is designed for C-level executives (including CEOs/Presidents, CFOs,COOs), Controllers, CPAs and Project Managers within construction firms thathave a solid understanding of the work in progress (WIP) schedule and a thorough knowledge of construction financial management principles.

Sessions Included:

Work in Progress: A Deep Dive and Advanced Perspective of WIP - Session 1 (Sep 28, 2016 03:00 PM)

Work in Progress: A Deep Dive and Advanced Perspective of WIP - Session 2 (Sep 29, 2016 03:00 PM)

CFMA’s Treasury Management Series is a four-part program designed for Controllers and CFOs of construction companies who desire to learn the fundamental skills of Treasury Management and who have a working knowledge of construction accounting and cash management.

Who should attend this series?
Controllers and CFOs of construction companies who want to learn the fundamental skills of Treasury Management. CFMA's Cash Management course is a recommended prerequisite.

Sessions Included:

Treasury Management Part I: The Big Picture (Mar 15, 2017 03:00 PM)

Treasury Management Part II: Processes & Tools (Mar 16, 2017 03:00 PM)

Treasury Management Part III: Insurance Programs & Employee Benefits (Mar 22, 2017 03:00 PM)

Treasury Management Part IV: Budgeting & Reporting (Mar 23, 2017 03:00 PM)

This 3-part online workshop provides an introduction to the key processes and practices that make construction accounting unique. The course is designed for accounting professionals new to the construction industry, as well as non-accounting construction industry professionals who want or need a better understanding of construction accounting concepts, construction cost management systems, job costs and job cost reporting, the WIP schedule, and the most important elements of a contractor's financial statements.

Learning Objectives
After completing this course, you will be able to:

• Identify key construction accounting principles
• Explain the core points of revenue recognition
• Discuss the importance of a job cost system
• Calculate earned revenue. Identify what a construction company expects from its financial manager
• Use industry data to benchmark your company

Who should take this course?
Accountants and CPAs new to the construction industry; new Construction Financial Managers & controllers; accounting department support staff; project managers, construction managers, risk & IT professionals, financial services providers, owners, and anyone who would benefit from an understanding of the fundamental construction accounting processes.

Sessions Included:

Basics of Construction Accounting - Day 1 (Apr 28, 2021 03:00 PM)

Basics of Construction Accounting - Day 2 (Apr 29, 2021 03:00 PM)

Basics of Construction Accounting - Day 3 (Apr 30, 2021 03:00 PM)

Sessions Included:

Contractor Prequalification: Putting Your Best Forward (May 07, 2015 03:00 PM)

Human Resources for the Construction Financial Manager (May 28, 2015 03:00 PM)

Project Management, the CFM and the Bottom Line: Let's Be Sure We Understand Each Other (May 14, 2015 03:00 PM)

Information Technology for the Construction Financial Manager (May 21, 2015 03:00 PM)

Description: Work in Progress: A Deep Dive and Advanced Perspective of WIP will provide an advanced view of the Work in Progress schedule. Your WIP is more than just a reporting tool. It is a financial management tool for your construction company. From this workshop, you will gain strategies to turn unexpected profit fade and enhancements into predictable events.

After completing this course, you will be able to:

• Explain how your Work in Progress schedule (WIP) is more than just a reporting tool
• Discuss how different contract types are managed on your WIP
• Show how to account for self-performed work
• Discuss change orders and purchase orders and how they impact gross profit and revenue
• Describe the role of the formal cost review process in the outcome of the WIP
• Discuss WIP analysis techniques, tips and tricks
• Identify the impact of profit fade and fee enhancements
• Apply WIP best practices

Level & Prerequisites: This is a group Internet-based course at the Advanced Level. Participants should have at least three years’ experience in construction accounting, in-depth experience integrating construction contracts and estimates into a WIP schedule and a solid understanding of managing the cost review process. CFMA’s “A 360 View of Your WIP” program is also a recommended prerequisite

Who Should Attend? This course is designed for C-level executives (including CEOs/Presidents, CFOs, COOs), Controllers, CPAs and Project Managers within construction firms that have a solid understanding of the work in progress (WIP) schedule and a thorough knowledge of construction financial management principles.

Sessions Included:

Work in Progress: A Deep Dive & Advanced Perspective of WIP - Day I (Jun 10, 2020 03:00 PM)

Work in Progress: A Deep Dive & Advanced Perspective of WIP - Day II (Jun 11, 2020 03:00 PM)

In CFMA's Accounting & Reporting course, you will learn how to use acceptable accounting and reporting practices to your company’s advantage and familiarize yourself with sample contractor financial statements. In this program, we will cover associated accounting issues, control and allocation methods for overhead, benchmarking and effective performance measures, classification of direct and indirect contract costs, and recent FASB pronouncements and exposure drafts.

Learning Objectives
After attending this course, you will be able to:

• Explain how your Work in Process schedule (WIP) is more than just a reporting tool
• Discuss how different contract types are managed on your WIP
• Show how to account for self-performed work on your WIP without double counting
• Discuss change orders/additional purchase orders and how they impact gross profit and revenue expectations
• Describe the role of the formal cost review process in the outcome of the WIP
• Discuss WIP analysis techniques, tips and tricks
  
• Identify the impact of profit fade and fee enhancements
• Apply WIP best practices

Who should take this course?
CFOs, Controllers & CFMs with less than 3 years on the job, Construction financial and accounting managers, Construction company owners, accounting department support staff who need a better understanding of construction accounting principles and reporting requirements, accounting professionals who need a better understanding of construction accounting principles and reporting requirements.

Sessions Included:

Accounting & Reporting - Day One (Jan 20, 2021 03:00 PM)

Accounting & Reporting - Day Two (Jan 21, 2021 03:00 PM)

CFMA's Risk Management course will help you multiply your value as a key employee by showing you how to get beyond just ‘handling the insurance’ for your firm, and achieve comprehensive enterprise risk management. The program will explore all aspects of surety, insurance, project bidding, safety, loss control, crisis management, technology risks, claims management, contract administration and legal issues.  You will learn a “best practices” approach to managing the insurance year, the art of effectively interfacing with both internal/external partners, and how to mitigate risk from a project standpoint.  Discover how effective risk management can provide you with a competitive edge and become a major profit center for your company.

Learning Objectives
After completing this course, you will be able to:

• Design and implement an effective risk management strategy at your company
• Determine how your management of risk touches all facets of company operations
• Interface with key players, internal and external, to make risk management a competitive advantage tool
• Identify the factors in managing and mitigating risk in specific projects
• Explain the life cycle of project risk management, strategic company risk management, and insurance program management
  

Who should take this course?
CFO’s, Controllers, Risk Managers, and CPAs that provide services to construction clients and insurance agents and brokers.

Sessions Included:

Risk Management - Session 1 (Jan 17, 2018 03:00 PM)

Risk Management - Session 2 (Jan 18, 2018 03:00 PM)

Are you ready to learn how to analyze and improve your construction contracts? While you don't need to be a lawyer to read a contract (though you absolutely want one to) you do need to understand what you are reading. This course will teach you how construction contract sections fit together and which clauses you need to look out for to protect your company's bottom line.

Learning Objectives
After completing this course, you will be able to:

• Understand how construction contract sections fit together
• Identify terms that create risk for your company
• Propose and modify contract language to protect your company
• Select and develop standard contract clauses
  
• Use your company attorney more efficiently

Who should take this course?
CFOs, controllers, contract administrators and contract negotiators at all levels of experience, Construction company owners and members of leadership team, Superintendents, project managers and other in-house staff who monitor or apply contract language on a job, and Risk management personnel who assess contract risks.

Sessions Included:

Contracts 101 - Day 1 (Feb 17, 2021 03:00 PM)

Contracts 101 - Day 2 (Feb 18, 2021 03:00 PM)

Are you preparing to become a Certified Construction Industry Financial Professional (CCIFP)? This intensive program targets the essential competencies required of a CCIFP. Find out what every CCIFP needs to know so you can determine how you measure up before you sit for the industry exam. This seminar provides an overview of the requisite financial management proficiencies based on the domains listed in Financial Management and Accounting for the Construction Industry, the Body of Knowledge for CCIFPs and one of your primary certification resources. Take-aways include CFMA’s Study Guide for the CCIFP Exam.

Learning Objectives
After completing this course, you will be able to:

• List topic areas that comprise the “Body of Knowledge” for CCIFPs
• Identify important topics, concepts, calculations and practices that a CCIFP should know
• Recognize your own level of knowledge against that of a CCIFP
• Target your study efforts to broaden & deepen your mastery of these critical subject areas
• Use this experience and the materials to assist with your exam preparation

Who should take this course?
CPAs and other accounting professionals who are preparing to sit for the industry exam or who would like a better understanding of the key areas of knowledge that every Certified Construction Industry Financial Professional should know.

Sessions Included:

CCIFP Overview Seminar - Day 1 (Aug 05, 2020 03:00 PM)

CCIFP Overview Seminar - Day 2 (Aug 06, 2020 03:00 PM)

CCIFP Overview Seminar - Day 3 (Aug 12, 2020 03:00 PM)

CCIFP Overview Seminar - Day 4 (Aug 13, 2020 03:00 PM)

Did you know that it’s possible for a construction company’s Controller/CFO to generate more profit for the company than a PM does on a construction project? It’s true. Effective cash management is the key. This course covers the cash flow life cycle, ways to optimize cash flow, and cash forecasting techniques.

Learning Objectives
After completing this course, you will be able to:

• Explain the value of cash flow management
• Establish and use internal controls
• Recommend and apply sound cash management techniques

Who should take this course?
CFOs, owners, controllers, & construction financial managers with less than 3 years’ experience in the industry. CPAs and other professionals (Insurance, Surety, Banking, etc.) who need a better understanding of sound cash management principles as they pertain to construction companies.

Sessions Included:

Cash Management - Day 1 (May 12, 2021 03:00 PM)

Cash Management - Day 2 (May 13, 2021 03:00 PM)

This program is designed for construction financial professionals who have mastered the basic concepts presented in CFMA’s Cash Management module, and who are interested in learning more comprehensive forecasting approaches.

Learning Objectives
After completing this course, you will be able to:

• Develop Volume & Earnings Assumptions
• Integrate Cash Forecasting with Budgeting
• Project “Burn-off” Beyond Current Backlog
• Forecast Cash Flow Long-term
  

Who should take this course?
CFOs, Controllers & CFMs with more than 3 years’ experience in construction accounting & financial management

Sessions Included:

Advanced Cash Forecasting - Day 1 (Jul 25, 2018 03:00 PM)

Advanced Cash Forecasting - Day 2 (Jul 26, 2018 03:00 PM)

This program provides an in-depth view of the Work in Progress (WIP) schedule. The first half of the course will cover the basic accounting aspects of WIP – how to calculate, account for, and reconcile costs. In part two, we will explore the perspective of an internal analysis covering cash flow related to jobs, management and analysis tools, estimated costs to complete and projecting future profits using budgeting and forecasting. Finally, you will learn the significance of your WIP schedule from the third party user’s perspective and why ensuring its successful performance is necessary to the credibility of your business.

Learning Objectives
After completing this course, you will be able to:

• Define the work in progress (WIP) and percentage of completion (PCM) accounting methods
• Demonstrate best practices for internal use and analysis of work in progress (WIP) schedules
• Discuss how the external analysis of your WIP by third-party users such as sureties, banks, CPA’s and others can have a profound impact on your business

Who should take this course?
Controllers, CFOs, Project Managers, Project Estimators, and anyone who needs a better understanding of a WIP schedule.

Sessions Included:

360 View of Your WIP - Day 1 (May 20, 2020 03:00 PM)

360 View of Your WIP - Day 2 (May 21, 2020 03:00 PM)

Today’s business environment creates many challenges for the Construction Financial Manager (CFM). The complexity of managing and motivating all team members to achieve projects and deadlines requires proven leadership principles, best practices and techniques. In this two-part program you will learn the tools you need to achieve success including gaining buy-in, trust and accountability; motivating your team; effectively communicating; staffing dynamics and more. Participants will also have the opportunity to apply learned techniques to reality-based situations incorporating specific construction based situations and examples.

Learning Objectives
After completing this course, you will be able to:

• Identify the competencies and skills required for today’s CFM
  
• Distinguish between the various communication styles and approaches to achieve effective outcomes
• Apply the Covey’s Five Waves of Trust to increase credibility and trust as a leader
• Gain best practices for running a monthly project update meeting
• Empower and coach the team by integrating the Four E’s of Leadership
• Identify the challenges faced by today’s CFM, the red flags and strategies to achieve success when working with various parties
• Apply proven techniques and best practices to real case scenarios

Who should take this course?
CFOs, Controllers, Assistant Controllers, Accounting Manager/Supervisor, Staff Accountant and CFMs. Information covered in this program teaches to attendees who are new to the leadership role as well as those that have many years of experience.

Sessions Included:

Practical Leadership Strategies for the Emerging CFM - Session 1 (Nov 09, 2016 03:00 PM)

Practical Leadership Strategies for the Emerging CFM - Session 2 (Nov 10, 2016 03:00 PM)